BorgWarner (BWA) has collaborated with a Colorado-based developer of alternative energy technologies UQM (UQM) on electric powertrain products for all electric and hybrid-electric passenger vehicles.

The companies are jointly integrating UQM’s PowerPhase® electric propulsion system with BorgWarner’s 31-03 eGearDrive™ transmission for the all electric front-wheel drive five-passenger sedan, CODA, developed by California-based electric vehicle maker, Miles EV. The new system is scheduled for introduction in the California market in 2010.

The BorgWarner 31-03 eGearDrive™ transmission is best suited for mid-range electric vehicles. When mated with the UQM® PowerPhase® electric propulsion system, the new system will propel a mid-sized passenger vehicle at highway speeds economically and with high powertrain efficiency.

Michigan-based BorgWarner is a leading manufacturer of powertrain products for the world’s major automakers. The company’s products include four-wheel-drive and all-wheel-drive transfer cases, primarily for light trucks and sport utility vehicles or SUVs. It also manufactures automatic transmission and timing chain systems. Its largest customers include Volkswagen, Ford (F) and Daimler (DAI).

BorgWarner was the first – and the only, until now – to market dual clutch transmission (DCT) system, a product that improves fuel efficiency by 15%. Historically, BorgWarner has grown 9% faster than the automotive industry. Management expects revenues of $2.1 billion from the new powertrain business for 2009 through 2011, an 8% increase over its previous three-year new business.

Demand for BorgWarner’s environmentally friendly technologies such as turbochargers and DCT system technology continue to drive its growth rate. About 50% of the new business is expected to come from Europe and 20% from North America over the next 3 years. Backed by continuous expansions, the company expects the remaining 30% from Asia, especially Korea and China.

We continue to recommend the shares of BorgWarner as Neutral.

Zacks Investment Research
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